OMVIC Practice Test

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Prepare for the OMVIC Certification Test with practice questions that include hints and detailed explanations. Enhance your learning with flashcards and multiple choice questions. Get ready to pass your OMVIC Test with confidence!

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True or False: Under the MVDA, all dealers are required to maintain a trust account.

  1. False

  2. True

The correct answer is: False

The Motor Vehicle Dealers Act (MVDA) does not require all dealers to maintain a trust account. This is because not all dealers handle financial transactions involving customer funds, thus a trust account may not be necessary for all dealers. However, the MVDA does require dealers that do handle customer funds, such as those offering financing or insurance services, to maintain a trust account. Therefore, the statement that all dealers are required to maintain a trust account is false, as not all dealers are subject to this requirement.

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